What is invoice management? Why it is important? Are there any tools and tech-aids to run smooth and steady invoice management? And many more questions we all used to ask, this blog will answer you of all such questions and will introduce you with the top benefits of a steady invoice management system.
So, let's get on to the blog...
You all have often come to the word 'invoicing', whenever you have sold any product or service. No matter what sort of business you own, you have to invoice your customers. Time-taking, boring and troublesome, but yet so important task to conduct. The invoice management system is indeed important for your business because if you don’t invoice your customers, you won't get funded.
Earlier an invoice management system was limited to pen & paper, but today various online platforms have come with advanced tools to manage a seamless invoice management system. By sending a bill to your customers reflects your authenticity and liability that enhances the way you ask for your customer to make you paid. To keep a track of sales and other transactions going within the business, this financial document - invoice is important. It functions as proof in case of any formal issues occurring plus of the transaction for any taxation of business.
Importance Of Invoices In Businesses
An invoice formalizes your command for payment! It is indeed an important aspect for your business, how? It is as of the following:
- It assists payment by making customers provided with an invoice. Once you sell your products or services, the issued invoice ensures your payment on time.
- It reminds your clients of the goods or services provided by making sure that what the customers are getting for their money.
- An invoice that you issue to your customers or clients sends a positive message to your company and brand.
- Your efficient invoice generation and payment collection enhance your customer satisfaction and retention.
How Does Project Management Software help Invoicing?
When you are running any business, you are surrounded by countless tasks and projects. The bigger the project is, the more expenses you need to manage with. With all these, your invoice management has too to be more particular about each project. And for effective invoice management, an Excel sheet is not only the option that you will leave with, but there is something more advanced that will automate all your invoicing tasks. And that is Project Management Software. The software plays a significant role in invoice management. Let's see how!
The software reduces your workload when there are a huge number of customers and client's projects overhead. With its advanced features, it generates automated timely billing and invoicing. You just need to track time and by adding the hourly rates and compiling with invoicing reports, you will get all your work done within a couple of minutes. It will reduce your workload and turn your least favorite task into the most chosen one.
Also, the project management software with its automated invoicing by compiling and forwarding the bills within a few clicks automatically sends the invoice for you. It enables the users to set up email warnings for overdue invoices which further relieves your workload and saves extra time too.
Top Benefits Of An Automated Invoice Management
Builds Brand Identity
When you issue the necessary invoices to your customers and clients, it reinforces your identity you raise the chances of getting paid on-time. As the invoices are digitized in the automated invoice management system, it generates customized messages to greet the clients and customers when they receive the invoices, such as 'Thank You'. By this, you can boost sales of new products or services in a better manner. And overall, it will showcase your positive attitude to the clients and customers which will enhance your brand identity.
Decreased Error Rates
The systematic invoice-management system can notably speed-up invoice processing and decrease accounts-payable expenses. Also, it streamlines the relationship with other vendors and your clients. With the advent of an automated system, its powerful-functionality features incorporate intelligent acquisition and digitalization of invoice slips, productive workflows, e-invoicing, optical character recognition (OCR), EDI ingestion, etc., decreasing error rates.
Real-time invoice-processing clarity
Non-automated processes of invoicing are fragmented, time-consuming, costly, error-prone, and chiefly inefficient. Managers can see analytic reports in real-time for better clarity into invoice volumes, status, and process bottlenecks which is a significant value of automated invoice-management systems. There are some reports:
- Central reports
- Audit reports
- Overdue payables
- Exception analysis report
- Cash premium forecast
- Supplier payment analysis
- Productivity report
- Key process report
Fast reconciling of purchase orders
This automated invoice management can reduce the hassles of regulating supplier invoices, bills with purchase orders, credit notes, and delivery letters. It can considerably reduce the time required to track down absent invoices, goods acquisitions, shipping orders, and many more.
The closing lines say that invoice management is indeed an important part of every business, be it large or medium-sized. With an integrated and automated invoice management system, you will effectively send and receive invoices that will benefit you and your business in the ways as discussed above. It will not only keep everything organized but also allow you to keep a track of your finances updated.
jiPanel is also among such an invoice management system, it is a collaborative that makes your daily invoice and billing operations seamless. Also, it helps the companies in establishing a stable and scalable working platform that delivers constant invoice management, configurable workflow automation, and in-context collaboration at one single platform. Looking forward to serving you! Get in touch with us and bring productive invoice breakthroughs in your business. Reach us TODAY, and to get more information, visit jiPanel!!